 The financial markets are relatively steady in a light day today. The imminent risk of war between US and Iran is eased, as Trump opts for more economic sanctions. Meanwhile, it appears that US and China are both preparing for the Trump-Xi summit at G20 in Japan later in the week. While practical no one expects a deal there, hopes are high for at least an agreement to resume trade negotiations. In the currency markets, Yen and Swiss Franc are trading a touch softer while Dollar remains pressured. On the other hand, commodity currencies are generally firmer, as led by Australian Dollar. Euro and Sterling are mixed for now. Technically, overall outlook in the markets are unchanged. While Dollar is expected to weaken further in the near term, there are some levels that might give the greenback support, at least for a rebound attempt. Those levels include 1.1142 projection resistance in EUR/USD, 1.2840 fibonacci resistance in GBP/USD, 1.3068 support in USD/CAD and 0.7022 resistance in AUD/USD. Gold would also face 1452.80 projection resistance with next rise. In other markets, Nikkei closed up 0.13%. Hong Kong HSI is p 0.39%. China Shanghai SSE is up 0.01%. Singapore Strait Times is down -0.45%. Japan 10-year JGB yield is down -0.16. |
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